LCD panel makers to pay $571M settlement

Three major technology corporations have agreed to pay a settlement of $571 million after being charged with inflating prices of liquid crystal display panels.

New York alleged in a complaint that the companies -AU Optronics Corp., LG Display Co. and Toshiba Corp. - between 1999 and 2006 engineered a conspiracy to fix prices of the panels, which are used in TVs, computer monitors and laptops.

The screens were then sold in the United States at higher prices illegally fixed by the conspiracy.

New York state will receive more than $10 million as part of the $571 million multistate settlement, Attorney General Eric Schneiderman said.

As part of the agreement, the companies will also engage in antitrust compliance programs.

Together with seven earlier settlements with other defendants reached in December 2011, total payments for illegal LCD price fixing will top $1.1 billion dollars.